Jerry,
I can't comment on the Macflight course as I know nothing about it.
Generally speaking though, F/O time without Command time is not particularly helpful in establishing one's career.
You could take the view that by getting a years F/O time, you will still learn and in a way just be extending your 'trainee ship'. However unless there is a quantum change in the way the industry works in the interim, at the end of the F/Oing, you'll still only have 100 hrs command and when looking for a command job you'll be up against all the other 100 command hour applicants.
In my limited experience, folk who have gone straight from learning to fly to becoming an F/O, invariably have trouble when they want command, because they don't have the command time to meet the minimum regulatory requirements to hold a command. This has nothing to do with them being a good operator or otherwise, it's simply having the required experience to hold a command, or even gain an ATPL.
Having said that, if you feel that gaining a CPL then having guaranteed work for a year as an F/O
before you go out looking for the 'bush' job is worth it for you, then you certainly won't be wasting your time, possibly just taking a little longer to get there, whereever your 'there' is.
Happy Flying
What a way to make a living!!!!